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Financial markets have become crushingly negative when it comes to the greenback. Massive U.S. deficits and the global imbalances they have bred have suddenly become the talk of the market.

The dollar, which has been trending lower since 2002, has seen its decline accelerate over the past three months, with the U.S. dollar index, which tracks the dollar against a trade-weighted basket of six major currencies, dropping just under 10% over the past three months.